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In microeconomic theory, the opportunity cost of a choice is the value of the best alternative forgone where, given limited resources, a choice needs to be made between several mutually exclusive alternatives. Assuming the best choice is made, it is the "cost" incurred by not enjoying the benefit that would have been had by taking the second ...
Shown is a marketplace in Delhi. Microeconomics is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms. [1] [2] [3] Microeconomics focuses on the study of individual markets, sectors, or industries as ...
In welfare economics, the theory of the second best (also known as the general theory of second best or the second best theorem) [1] concerns the situation when one or more optimality conditions cannot be satisfied. The economists Richard Lipsey and Kelvin Lancaster showed in 1956, that if one optimality condition in an economic model cannot be ...
Sunk cost. In economics and business decision-making, a sunk cost (also known as retrospective cost) is a cost that has already been incurred and cannot be recovered. [1] [2] Sunk costs are contrasted with prospective costs, which are future costs that may be avoided if action is taken. [3] In other words, a sunk cost is a sum paid in the past ...
United Airlines' CEO says he is “disappointed” in ongoing manufacturing problems at Boeing that have led to the grounding of dozens of jets.
The reading of first quarter economic growth comes at a crucial time as investors digest the potential impacts of the Fed holding interest rates higher for longer.
Best alternative to a negotiated agreement. In negotiation theory, the best alternative to a negotiated agreement or BATNA (no deal option) refers to the most advantageous alternative course of action a party can take if negotiations fail and an agreement cannot be reached. The BATNA could include diverse situations, such as suspension of ...
At best, I can sustain a steady volley for 2-3 exchanges, but once the conversation quiets for a mere second, I panic and abandon ship. I’ve literally turned my back away from a person without ...